CME Group Inc.: 2Q26 Review: Nice Beat With Strong Market Data Growth

研报英文原文证据摘录

CME Group Inc.: 2Q26 Review: Nice Beat With Strong Market Data Growth

Equity Research

U.S. Brokers, Asset Managers & Exchanges

22 July 2026

CME Group Inc.

2Q26 Review: Nice Beat With

Strong Market Data Growth

Q2 EPS of $3.00 was 3% ahead of Consensus, with both CME EQUAL WEIGHT

transaction revenues and market data revenues coming in Unchanged

U.S. Brokers, Asset

ahead. On the call, management reiterated their view that Managers & Exchanges POSITIVE

Unchanged

perpetual futures were swaps, and that there isn't Price Target USD 270.00

Unchangedinstitutional demand for these products (which accounts for

94% of CME ADV). Price (21-Jul-26) USD 237.38

Potential Upside/Downside +13.7%

Source: Bloomberg, Barclays Research

Key takeaways: Q2 EPS of $3.00 was 3% ahead of Street estimates. Aggregate RPC was ahead

of consensus, driving a beat in transaction revenues. Market data revenues also came in ahead Market Cap (USD mn) 86016

(+5%), and the revenue beat was somewhat offset by higher adj. opex. On the call, management Shares Outstanding (mn) 362.36

struck a confident tone in their market position, and reiterated that perpetual futures contracts Free Float (%) 99.70

are of little interest to their institutional client base (which represents ~94% of total volume). 52 Wk Avg Daily Volume (mn) 2.4

Market data revenue growth also accelerated in Q2, driven by broad factors, including a nice Dividend Yield (%) 2.19

pickup in professional subscribers, expansion of derived data revenues, and a robust pipeline of Return on Equity TTM (%) 15.82

future professional subscribers from the simulated trading accounts. Looking ahead, there are Current BVPS (USD) 73.57

several new products coming to market, including 24/7 gold contracts and single-stock futures Source: Bloomberg

later this month.